Insights

Industry relevant resources, updates and insights from the Velocity Legal team.

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Jess Hill promoted to Director

News

1.7.2022

24.6.2022

Jess Hill promoted to Director

We are proud to announce that Jess Hill has been promoted to Director.

Podcast: Section 100A and Reimbursement Arrangements

Podcast

23.5.2022

6.6.2022

Podcast: Section 100A and Reimbursement Arrangements

Andrew Henshaw (Managing Director) is interviewed by Tax Talks regarding s100A and Reimbursement Arrangements.

Restricting the ATO: The AAT’s potential new tool in small business taxation disputes

Insight

24.1.2022

24.5.2022

Restricting the ATO: The AAT’s potential new tool in small business taxation disputes

A taxpayer may disagree with the ATO’s decision or assessment as to their tax liability. Learn about the AAT's potential new tool in small business tax disputes.

What if I get it wrong? The benefits of having a ‘Reasonably Arguable Position’

Insight

10.1.2022

6.6.2022

What if I get it wrong? The benefits of having a ‘Reasonably Arguable Position’

For taxpayers considering adopting a position that is less than certain (and wish to be protected from substantial penalties), it may be worthwhile to consider obtaining a RAP paper from a professional adviser.

The Windfall Gains Tax – plunder or taxation?

Insight

13.10.2021

6.6.2022

The Windfall Gains Tax – plunder or taxation?

Finally, after an almost 5-month wait, the Windfall Gains Tax and State Taxation and Other Acts Further Amendment Bill 2021 was released on 13 October 2021. The Bill establishes a new Act called the Windfall Gains Tax Act 2021. The purpose of this article is to discuss some of the headline items and issues regarding the Windfall Gains Tax.

Podcast: Business Breakups & disputes between business partners

Podcast

30.9.2021

6.6.2022

Podcast: Business Breakups & disputes between business partners

Scott McKenzie (Director) is interviewed by Tax Talks regarding business partner disputes and how the COVID-19 pandemic is adding fuel to the fire.

‘Liquid gold’ – the valuable tax concessions for a Members Voluntary Liquidation (MVL)

Insight

4.2.2021

6.6.2022

‘Liquid gold’ – the valuable tax concessions for a Members Voluntary Liquidation (MVL)

Companies may be voluntarily liquidated for a number of reasons, such as to reduce risk from previous activities of the company, to reduce annual compliance costs, or to resolve shareholder disputes, amongst other reasons. In certain circumstances, a voluntary liquidation can also be a tax effective means of extracting wealth out of a company.

Working from home during a COVID-19 lockdown: can you claim a tax deduction for rent?

12.1.2021

6.6.2022

Working from home during a COVID-19 lockdown: can you claim a tax deduction for rent?

The ATO has long held firm on the principle that rent payments (being a form of occupancy costs) are generally outgoings ‘of a private or domestic nature’ and therefore not deductible, even where part of the rented home is used as a home office. However, it has been accepted that in some circumstances, a rent deduction may be claimed.

Business Succession: Transitioning to the next generation

Insight

1.1.2021

6.6.2022

Business Succession: Transitioning to the next generation

Successfully transitioning a business from one generation to the next can help to ensure the long-term ongoing success of a family owned business.

Co-Owned Businesses: Why you need a business ‘pre-nup’ …. and what to do if you don’t have one.

Insight

18.8.2020

6.6.2022

Co-Owned Businesses: Why you need a business ‘pre-nup’ …. and what to do if you don’t have one.

A co-ownership agreement, or business ‘pre-nup’, is a foundational document on which all co-owned business arrangements should be based.

‘Who’s paying for this?’ – Tax considerations for Employee Share and Option Plans

Insight

18.8.2020

6.6.2022

‘Who’s paying for this?’ – Tax considerations for Employee Share and Option Plans

From a tax perspective, ESOPs raise a number of challenges and opportunities. Here are some things you should know if you are thinking of implementing or participating in an ESOP.

NSW discretionary trusts – one shot, one final opportunity to avoid extra land tax and duty on landholdings!

Insight

1.1.2020

6.6.2022

NSW discretionary trusts – one shot, one final opportunity to avoid extra land tax and duty on landholdings!

Relevant discretionary trust deeds should be reviewed, even if they do not own land yet, and a foreign person exclusion clause included if possible.

Podcast: Division 7A and Unpaid Present Entitlements

Podcast

15.7.2019

6.6.2022

Podcast: Division 7A and Unpaid Present Entitlements

Andrew Henshaw (Managing Director) is interviewed by Tax Talks regarding draft changes to Division 7A.

Can a transfer to a ‘bare trust’ be subject to transfer duty? The devil is in the detail!

Insight

8.10.2018

6.6.2022

Can a transfer to a ‘bare trust’ be subject to transfer duty? The devil is in the detail!

A recent Victorian Supreme Court case highlights that duty legislation is highly technical, and that the application of duty or an exemption can turn on key property law terms.

Asset Protection: the Gift and Loan Back

Insight

28.2.2017

6.6.2022

Asset Protection: the Gift and Loan Back

The gift and loan back arrangement can be effective asset protection strategy. We discuss the basics of these gift and loan back strategies.